Friday

October 24, 2014

October 24, 2014

Posted by **Mare** on Sunday, November 28, 2010 at 1:26pm.

Loan is $26,000.00

Down payment is 5,000.00

11% for 36 months

- math -
**Henry**, Monday, November 29, 2010 at 2:02pmPt = Po*r*t / (1 - (r + 1)^-t).

Pt = Principal after time t(36 mo.).

Po = Inital Loan amount.

r = (APR / 12) / 100 = (11/ 12 ) / 100 = 0.009167 = Monthly percentage rate

expressed as a decimal.

t = Length of loan in months.

Pt = (26000 * 0.009167 * 36) / (1 -(1.009167)^-36 = 8580.31 / 0.2800 = 30643.96.

Monthly payments = 30643.96 / 36 = 851.22

**Answer this Question**

**Related Questions**

math - calculate the monthly payment by loan amortization table: loan $26,000; ...

math - calculate the monthly payment by loan amotization table: loan 26,000, ...

Math - Calculate the monthly payment by loan amortization table Loan $26,000 ...

Math - Calculate the monthly payment loan amortization table. Loan $26,000 Down ...

Math - 4. Find the monthly payment for the loan. (Round your answer to the ...

MATH - Five years ago, you bought a house for $151,000, with a down payment of $...

Algebra: Statistics - Five years ago, you bought a house for $151,000, with a ...

MATH - Five years ago, you bought a house for $151,000, with a down payment of $...

math - calculate the monthly payment by loan amortization table: loan $26000, ...

Math 104 - Five years ago, you bought a house for $171,000. You had a down ...